The NAI Alliance Industrial Properties Group has released its Q3 Industrial Market Report.
Our market maintained steady activity during the third quarter. Large deals missing in the first and second quarters reemerged in the third quarter. In addition, three new speculative buildings were completed. On a negative note, two large subleases were added to the market. The quarter began with a vacancy of 8.7% and ended slightly less at 8.4% so the new activity outweighed the new construction added to the market. Vacancy changes dramatically when one factors in the sublease space. The second largest building in our market, Kmart’s former distribution facility of 1,557,709sf is now available for sublease. When counting sublease space, overall market vacancy is 11.2%. In summary, market activity continues to be strong. General sentiment amongst brokers and developers remains highly positive and we anticipate a strong finish to the year.
To continue reading, click her for the Q3 Industrial Market Report.